On Wednesday morning, the EOS token traded at $1.51 Block.one requested that a $27.5million settlement be approved by the Southern District of New York Court. However, a judge denied this request.
EOS prices rose by more than 17% Wednesday after a ruling in the Southern District of New York.
According to CoinGecko, EOS traded at $1.51 as of the writing. This is an increase of more than 28% in the past seven days. EOS’s Wednesday price movement set it apart from the wider crypto market. In the last 24 hours, Bitcoin and Ethereum lost 1.4% and 1.1%, respectively.
Block.one was sued by investors in May 2020. They claimed that the initial coin offering of the EOS network was a securities sale. Block.one settled for $27.5 million with investors.
This proposal was rejected on August 15. Judge Lewis Kaplan of the Southern District of New York ruled that Crypto Assets Opportunity Fund LLC was the lead plantiff in class action and did not adequately represent all investors’ interests.
Other rebels are also facing Block.one. The EOS community voted to end ongoing payments to Block.one in December 2021. This was due to claims that the EOS community is not acting in the best interests of the network. EOS Network Foundation, a group of block producers and EOS members led the decision.